{"id":424421,"date":"2025-12-04T16:11:12","date_gmt":"2025-12-04T16:11:12","guid":{"rendered":"https:\/\/www.europesays.com\/us\/424421\/"},"modified":"2025-12-04T16:11:12","modified_gmt":"2025-12-04T16:11:12","slug":"mamdani-effect-miami-realtors-report-166-spike-in-inquiries-from-wealthy-nyc-residents","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/424421\/","title":{"rendered":"‘Mamdani effect’: Miami realtors report 166% spike in inquiries from wealthy NYC residents"},"content":{"rendered":"

A flood of rich New Yorkers spooked by Mayor-elect Zohran Mamdani\u2019s victory is reportedly set to migrate south<\/a> \u2014 as Miami realtors report a 166% spike in inquiries about multi-million-dollar properties in one of the most in-demand enclaves of South Beach.<\/p>\n

Real estate agents who are showcasing waterfront condos along Miami\u2019s \u201cBillionaire\u2019s Beach\u201d \u2014 which stretches from 14th Street to 21st Street along Collins Avenue \u2014 say they stand to benefit from the \u201cMamdani effect.\u201d<\/p>\n

\u201cThe second that the word on the street was that Mamdani was going to be elected we started getting phone calls,\u201d Pietro Belmonte, executive vice-president at Douglas Elliman, told the US Guardian.<\/a><\/p>\n

Realtors say wealthy New Yorkers are increasingly interested in buying up properties on Miami\u2019s South Beach. Monteleone \u2013 stock.adobe.com<\/p>\n

Douglas Elliman is the marketing agent for Ritz-Carlton Residences on Miami Beach, where single-bedroom apartments spanning 1,200 square feet start at around $8.6 million per unit.<\/p>\n

Meanwhile, three, four and five bedrooms on the higher floors range from $10.5 million to $22 million and above while the twin penthouses with rooftop private pools can be had for between $55 million and $69 million.<\/p>\n

Belmonte and other realtors described the so-called \u201cMamdani effect\u201d \u2014 the sudden and \u201cexponential\u201d increase in the number of inquiries and sales of high-end properties to New Yorkers flush with cash and eager to flee the Big Apple before the democratic socialist takes office on Jan. 1.<\/p>\n

According to Belmonte\u2019s firm, there has been a 166% surge in interest from prospective buyers in New York eager to snap up one of the beachside condo residences at Ritz-Carlton Residences.<\/p>\n

Michael Patrizio is managing director of Mast Capital, the developer behind the Perigon, an under-construction cluster of 73 high-end residences.<\/p>\n

Miami realtors attribute the spike in interest from New Yorkers to the recent election of Zohran Mamdani as mayor. Luiz C. Ribeiro for New York Post<\/p>\n

\u201cActivity at Perigon right now from the ultra, ultra high net worths is really staggering,\u201d Patrizio told US Guardian.<\/p>\n

According to Patrizio, Mast is betting that an influx of New Yorkers<\/a> will snap up offerings at Perigon, which start at $12.5 million for a two-bedroom unit, and can top out at $70 million for four-bedroom condos on some of the higher floors.<\/p>\n

\u201cNew York has always been a primary market for south Florida, particularly Miami, Miami Beach, and it feels like a lot of New Yorkers somehow tend to have ties to Miami in some fashion,\u201d Patrizio told US Guardian.<\/p>\n

Patrizio\u2019s firm is also marketing as-yet-to-be-inhabited apartments at the Cipriani building, the planned 80-story, 400-condominium structure that will become the tallest building in Miami.<\/p>\n

Mamdani\u2019s proposals to hike taxes on the city\u2019s wealthiest residents has been criticized by economists. Giuseppe Cammino \u2013 stock.adobe.com<\/p>\n

Patrizio told US Guardian that well-heeled New Yorkers are expressing interest in properties there, where the cheapest offering \u2014 a one-bedroom \u2014 goes for just under $2 million.<\/p>\n

\u201cInquiries have increased exponentially,\u201d he said.<\/p>\n

\u201cThe day after [Mamdani] won the primary, we had a New York buyer who was kind of on the fence and decided to move forward, same thing the week of the election, one on the fence moved forward. Those are kind of direct deals that happened \u2026 It was the election, I can say that with certainty.\u201d<\/p>\n

Mamdani has proposed raising New York City\u2019s top income-tax rate<\/a> on earners making more than $1 million from 3.9% to 5.9%, which would give the city and state a combined top rate of nearly 17% \u2014 the highest in the country.<\/p>\n

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He also wants to increase the city\u2019s corporate tax<\/a> to 11.5%, roughly double the current range of 4.875% to 7.25%.<\/p>\n

The changes would primarily affect about 34,000 high-income households<\/a> and large corporations headquartered in the city.<\/p>\n

Another exodus of wealthy New Yorkers \u2014 a large number of whom left the city during the pandemic \u2014 could have devastating consequences.<\/p>\n

Real estate agents who are showcasing waterfront condos along Miami\u2019s \u201cBillionaire\u2019s Beach\u201d \u2014 which stretches from 14th Street to 21st Street along Collins Avenue \u2014 say they stand to benefit from the \u201cMamdani effect.\u201d Monteleone \u2013 stock.adobe.com<\/p>\n

New York\u2019s highest earners already shoulder a significant share<\/a> of the city\u2019s tax burden, with the top 1% accounting for as much as 48% of all personal income tax revenue.<\/p>\n

The group contributed an estimated $34 billion in combined state and city income taxes in 2022.<\/p>\n

New York City\u2019s share of the nation\u2019s millionaires<\/a> has also fallen from 6.5% in 2010 to 4.2% in 2022 \u2014 a shift that analysts say cost the city roughly $2.5 billion<\/a> in foregone income-tax revenue last year alone.<\/p>\n

IRS and Census data show that New York-to-Florida migration<\/a> has been underway for years, well before Mamdani\u2019s election.<\/p>\n

More than 72,000 New Yorkers moved to Florida in 2023, and nearly $9.5 billion in household income flowed from New York to Southeast Florida in 2021.<\/p>\n

Manhattan, Nassau, Suffolk, Brooklyn and Queens are among the top counties sending residents south, according to federal data.<\/p>\n

The Post has sought comment from Mamdani.<\/p>\n","protected":false},"excerpt":{"rendered":"A flood of rich New Yorkers spooked by Mayor-elect Zohran Mamdani\u2019s victory is reportedly set to migrate south…\n","protected":false},"author":3,"featured_media":424422,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,64,5418,380,405,403,5226,5225,5228,5227,4329,10204,67,586,132,5230,68,2969,5301],"class_list":{"0":"post-424421","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-business","10":"tag-luxury-real-estate","11":"tag-miami","12":"tag-new-york","13":"tag-new-york-city","14":"tag-newyork","15":"tag-newyorkcity","16":"tag-ny","17":"tag-nyc","18":"tag-real-estate","19":"tag-residential-real-estate","20":"tag-united-states","21":"tag-united-states-of-america","22":"tag-unitedstates","23":"tag-unitedstatesofamerica","24":"tag-us","25":"tag-usa","26":"tag-zohran-mamdani"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115662178480105029","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/424421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=424421"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/424421\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/424422"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=424421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=424421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=424421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}